SoftBank backed, Paytm launched a digital version of shagun to enable customers to go cashless during special occasions. Customers could share cash instantly with each other across the country using this feature.
Within 24 hours of launch, Paytm registered a strong surge in transactions for its Rakhi theme. Three weeks on, the service continues to be widely popular, having registered half a million transactions. Users can also send cash to each other using various other themes wherein Thank You, Lucky You and Best Wishes have emerged as the more popular ones. The company is now branding its gifting solution as Paytm Lifafa in order to bring more mass appeal.
Deepak Abbot, Snr. Vice President – Paytm said, “Paytm Lifafa offering has gained a lot of traction within a short period of time. We are rebranding it to ‘Lifafa’, a native word that holds a strong emotional connect and social relevance across generations. This will help in further establishing our payments offering as the go-to platform to send money instantly.”
Paytm is committed to support a rapid and permanent shift in consumer behavior in favor of digital payments. The company is looking to replace cash by enabling more consumers to experience the power of convenient digital payments on its platform.